A look at US gasoline prices
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Natural gas drops to a 10-year low; oil rises
Natural gas supplies typically shrink in the winter as homes and business crank up the heat. But relatively warm weather, combined with a boom in production, has left storage facilities bloated with more gas than normal.
Natural gas futures fell by 5.4 cents Wednesday to $2.302 per 1,000 cubic feet in New York. That's the lowest price since Feb. 15, 2002, and down 69 cents from the start of the year.
Independent commodities trader Stephen Schork said that natural gas could drop even further in coming weeks, possibly below $2 per 1,000 cubic feet, if demand declines as usual between peak seasons for heating and air conditioning.
"There's just too much out there," Schork said. "And there won't be enough demand to solve the supply issue this summer."
Supplies have been growing in recent years as drillers have learned to use a controversial drilling technology called fracking to tap vast reserves of natural gas trapped in shale formations under several states. The production boom has pushed natural gas supplies near capacity in the U.S.
ABC NewsAs of Sunday, the national average price of regular unleaded gasoline stood at $3.86 per gallon (3.78 liters), while a handful of states such as California ($4.21 average) and New York ($4.07) broke the $4 barrier, according to the AAA motor club. Ga. retail gas prices inch up another two centsall 406 news articles »
Fox NewsOil prices dipped last week, but Georgia's price per gallon of gasoline rose 6 cents, according to AAA Auto Club South. Gasoline is now averaging $3.71 a gallon, up from $3.63 a week ago, $3.45 a month ago and $2.74 a year ago. Gas prices jump 11 cents in Rhode IslandGas prices top $4 a gallon around nationGa. gas prices inch closer to $4.00 with increase - -all 1,596 news articles »
